Redwood Materials restructures, cuts 10% workforce

Redwood Materials has laid off approximately 135 employees, representing 10% of its staff, as part of a strategic restructuring. This move aims to better align the company's operations with its expanding energy storage business. The company emphasizes that despite recent industry challenges and competitor bankruptcies, Redwood remains strong and is focused on profitability in its materials division and growth in energy storage. Recent deals with Crusoe AI and Rivian highlight this strategic pivot. Founder and CEO JB Straubel assured employees that the company is well-positioned for the future with a more focused team.